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Dec 28, 2012
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this law excuses homeowners from paying that tax. this law is expiring in a few days as part of the fiscal cliff. if congress does nothing, homeowners selling at a loss will have a big tax bill to deal with. it could be in the tens of thousands of dollars. it it comes at a time when they can least afford it. >> how are the markets doing today with all the news about the fiscal cliff and going over it being a possibility? >> markets are selling off just a bit. the dow is down 75 points. with rumors of congress coming back into session over the weekend, we did see the markets turn around a bit yesterday. now the selloff continues. there's just not a lot of confidence that a deal can get done. the reason you're seeing the dow down 76 points. >> all right, alison kosik at the new york stock exchange. thank you. >>> chicago reached a dubious milestone overnight. a shooting victim on the west side became the city's 500th homicide of the year. police say the 40-year-old man was shot in the head outside a convenience store. no arrests were m
this law excuses homeowners from paying that tax. this law is expiring in a few days as part of the fiscal cliff. if congress does nothing, homeowners selling at a loss will have a big tax bill to deal with. it could be in the tens of thousands of dollars. it it comes at a time when they can least afford it. >> how are the markets doing today with all the news about the fiscal cliff and going over it being a possibility? >> markets are selling off just a bit. the dow is down 75...
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Dec 24, 2012
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leaving washington, president obama urged congress to pass a mini plan that would preserve middle class tax rates. brianna keilar joins us live from hawaii. what do we think will happen as the holiday week rolls out? >> reporter: well, and don, we should probably say where our senate majority leader harry reid and senator mcconnell, the republican leader in the senate, because now all eyes turn to the senate. they're set to come back to town on the 27th. that is thursday. and at this point there are a number of options for some sort of bill that senate majority leader harry reid could put on the floor, but right now it appears democrats in the white house are pushing for something that still concentrates on making sure that income tax rates for those making a quarter million dollars or less don't go up. that said, it's really hard to see how at that rate senator mcconnell might allow some republican senators to support it or that some republican senators would even want to jump on board with that and even harder to see how a bill like that is something that house speaker john boehner would
leaving washington, president obama urged congress to pass a mini plan that would preserve middle class tax rates. brianna keilar joins us live from hawaii. what do we think will happen as the holiday week rolls out? >> reporter: well, and don, we should probably say where our senate majority leader harry reid and senator mcconnell, the republican leader in the senate, because now all eyes turn to the senate. they're set to come back to town on the 27th. that is thursday. and at this...
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Dec 28, 2012
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to pay more taxes. i don't think they're eager to pay more taxes for one important reason, they just don't think the money is going to get used well. people just do not trust washington to spend their money effectively and i think if they had greater trust in washington, there would not be so much resistance to this, so the irony of this, don, is that this spectacle that we're seeing right now in washington is contributing to the problem and people see this, they're even more reluctant to pay taxes or to put up with the tax hike. so it is almost like it is a self-perpetuating problem. >> rick newman, thank you, sir. >> sure thing, don. >>> in other news, he's remembered as a liberator, not a conqueror. tributes pouring in for general norman schwarzkopf. he died yesterday in tampa, florida. he became a household name in the '90s when he led coalition forces in first gulf war. he once told larry king he hated war. president obama called schwarzkopf's death the loss of an american original. norman schwarzk
to pay more taxes. i don't think they're eager to pay more taxes for one important reason, they just don't think the money is going to get used well. people just do not trust washington to spend their money effectively and i think if they had greater trust in washington, there would not be so much resistance to this, so the irony of this, don, is that this spectacle that we're seeing right now in washington is contributing to the problem and people see this, they're even more reluctant to pay...
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Dec 26, 2012
12/12
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the bush era tax cuts expire, and it's not clear what the tax rate would be. but the average household would see a tax increase of $3500 a year. that is according to the fax policy center. what about the 2012 tax returns? well, there would no fix for the alternative minimum tax, and that would delay tax filings. as many as 100 million people might not be able to file their return until late march. that means tax refunds could also be delayed, and some major tax credits would expire as well including the child tax credit and the earned income tax credit. >>> from a mars landing to a deep water dive, scientific and technical breakthroughs this past year were amazing. here's john zarrella with a look at the top 10. >> at number 10 a revolutionary camera called litro. >> it's such a powerful technology breakthrough, that this will forever change how we take and experience pictures. >> it captures the entire light field ail louse the focus and perspective to be changed after its been taken. number nine, nasa's dawn spacecraft sent back staggers data about an as tro
the bush era tax cuts expire, and it's not clear what the tax rate would be. but the average household would see a tax increase of $3500 a year. that is according to the fax policy center. what about the 2012 tax returns? well, there would no fix for the alternative minimum tax, and that would delay tax filings. as many as 100 million people might not be able to file their return until late march. that means tax refunds could also be delayed, and some major tax credits would expire as well...
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Dec 26, 2012
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that's the alternative minimum tax. also the wealth tax. conceived to prevent the wealthy from paying no taxes at all through deductions. congress has failed to pass an a adjustment to keep the amt from roping in lower taxpayers. irs was expecting that to happen. if congress fails to do so, revenue officials will start a lengthy and costly process of reprogramming computers. it could be march until effective taxpayers can file. >>> an interactive map is causing outrage in one community. what do all these little red dots mean? what do they locate? and why is a new newspaper under fire? we'll explain. year-end event. so, the 5.3-liter v8 silverado can tow up to 9,600 pounds? 315 horsepower. what's that in reindeer-power? [ laughs ] [ pencil scratches ] [ male announcer ] chevy's giving more. get the best offer of the year -- 0% apr financing for 60 months plus $1,000 holiday bonus cash. plus trade up for an additional $1,000 trade-in allowance. hurry. bonus cash ends january 2nd. [ sniffs ] i took dayquil but my nose is still runny. [ male an
that's the alternative minimum tax. also the wealth tax. conceived to prevent the wealthy from paying no taxes at all through deductions. congress has failed to pass an a adjustment to keep the amt from roping in lower taxpayers. irs was expecting that to happen. if congress fails to do so, revenue officials will start a lengthy and costly process of reprogramming computers. it could be march until effective taxpayers can file. >>> an interactive map is causing outrage in one...
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Dec 24, 2012
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and defending on details of your own situation, various tax breaks slipping away. in other words what we're calling the fiscal cliff. a plan to stop it all from happening still alludes washington, so congress has broken camp for the holidays and the president has gone to holiday on vacation. brianna keilar is out there for us in honolulu, eight days away from the fiscal cliff. are there any contacts occurring on this topic between the president and anyone in congress, briana? >> reporter: there is an open line of communication, i would say, with senate democrats, hala. but there is really no substantive conversations between the folks that you with need for there to be conversations between in order to strike a deal. the white house and congressional republicans, and perhaps more alarmingly, senate democrats are not in conversations right now with senate republicans or with house republicans. and this is problematic obviously because in order to avoid the fiscal cliff, you would need to find some sort of deal that would make it through the senate and the house and
and defending on details of your own situation, various tax breaks slipping away. in other words what we're calling the fiscal cliff. a plan to stop it all from happening still alludes washington, so congress has broken camp for the holidays and the president has gone to holiday on vacation. brianna keilar is out there for us in honolulu, eight days away from the fiscal cliff. are there any contacts occurring on this topic between the president and anyone in congress, briana? >> reporter:...